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. Last Updated: 07/27/2016

10/16/2008

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Markets Surrender Tuesday's Gains

The country’s stock markets tumbled more than 8.5 percent on Wednesday as oil fell to its lowest level in over a year and investors moved to cash out after a hectic rally the day before.

Globex Puts Freeze on Term Deposits

In a sign that the liquidity crisis is becoming more acute for Russian lenders, Bank Globex, one of the industry’s medium-sized players, has blocked early withdrawals from fixed-term deposit accounts for five days. The announcement raised immediate concerns about whether the bank’s move was even legal.

Politkovskaya Trial Starts Without Lawyer

The Moscow District Military Court opened preliminary hearings into the killing of investigative reporter Anna Politkovskaya on Wednesday despite the absence of her family’s lead lawyer, who fears that she was poisoned with mercury in France.

Power Firms to Ask For Billions in Loans

A partnership of electricity producers said Wednesday that its members were planning to ask the government for tens of billions of dollars of cheap loans to finance their efforts to build up capacity amid the global liquidity crunch.

Farmers Seek Aid Of $34Bln

Reuters
The agricultural sector needs more than $34 billion from a government rescue package by the end of 2008 to refinance loans and ride out the global financial crisis, the head of Russia's grain industry lobby said Wednesday.

9 Airlines Grounded Over Unpaid Debts

Problems at three of the airlines, Interavia, Dalavia and Omskavia, have already left hundreds of passengers stranded.

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